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LatinNews Daily - 29 October 2020
In brief: Brazil’s Petrobras posts another loss in third quarter
* Brazil’s state-owned oil company, Petrobras, has posted its third quarter results, according to which it recorded a net loss of R$1.5bn (US$269m) in July-September, compared with a R$9bn net profit in the third quarter of 2019. Despite the company’s strong production, it has now posted three consecutive quarters of losses due to the coronavirus (Covid-19) pandemic and low global oil prices, and Petrobras has now accumulated losses of R$52.8bn in the first nine months of the year. In a statement, Petrobras sought to stress that third quarter financial results represent an improvement on the second quarter, noting that its adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) totalled US$6.9bn, almost double the second quarter adjusted Ebitda.
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